ALUP11.SA Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	18.89B EUR	31.87B EUR	34.79B EUR	31.4B EUR
Enterprise Value	27.99B EUR	46.01B EUR	48.57B EUR	43.32B EUR
Valuation Multiples
Trailing P/E	9.52x	35.52x	55.62x	43.24x
Forward P/E	14.36x	--	--	--
Price to Sales	3.77x	7.88x	10.04x	9.14x
Price to Book	1.36x	3.31x	3.75x	3.43x
EV/Revenue	5.59x	11.37x	14.01x	12.61x
EV/EBITDA	8.64x	11.24x	13.51x	11.5x
Price to FCF (P/FCF)	204.11x	26.21x	22.85x	20.23x
EV/FCF	302.37x	37.83x	31.9x	27.92x
FCF Yield	0.49%	3.82%	4.38%	4.94%